{"id":17133,"date":"2017-09-06T13:39:54","date_gmt":"2017-09-06T10:39:54","guid":{"rendered":"http:\/\/www.amlak.net.sa\/?p=17133"},"modified":"2017-09-06T13:39:54","modified_gmt":"2017-09-06T10:39:54","slug":"11365-%d8%b9%d9%82%d8%af-%d8%a8%d9%8a%d8%b9-%d8%b4%d9%82%d9%82-%d9%81%d9%8a-6-%d8%b3%d9%86%d9%88%d8%a7%d8%aa-%d8%a3%d8%b1%d9%82%d8%a7%d9%85-%d8%a7%d9%84%d8%b5%d9%81%d9%82%d8%a7%d8%aa-%d8%a7","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/17133\/","title":{"rendered":"11365 apartment sales contracts in 6 years Real estate transaction numbers indicate a shift in the culture of Riyadh citizens to live in ready-made apartments"},"content":{"rendered":"

\u00a0<\/strong>The indicators and figures that have emerged in recent years have confirmed the growing sales of ready-made apartments in Riyadh, where the sales of ready-made apartments in Riyadh have increased by more than 100% over the past six years, as the index recorded 2229 sales in 2015, which is a clear change in the housing culture of the residents of the capital, by accepting to live in a residential apartment within a building, instead of living in a private building.<\/p>\n

11365 apartment sales contracts in 6 years<\/strong><\/p>\n

According to the language of numbers, we note the increase in real estate deals in ready-made apartments over the past years, which in 2010 amounted to 1198 deals, with an area of 182 thousand square meters, with a value of 409 million riyals, while the number of deals in 2016 reached about 1842 deals, with a total area of 305 thousand deals, with a total value of 937 million riyals. Riyadh witnessed the conclusion of 11,365 apartment sales contracts during the period from 2010 to the end of 2016, with an annual growth rate of about 13%, until 2015, the year during which the largest number of transactions was recorded, with 2229 sales, before the apartment purchase index declined in 2016 by 17.7%, compared to 2015.<\/p>\n

Studies and field research for the Ministry of Housing<\/strong><\/p>\n

According to the Ministry of Housing studies and research, ready-made apartments have become one of the required housing products, due to their varying prices, and these prices are commensurate with the purchasing power of a large number of citizens applying to the \u201cIskan\u201d program to obtain subsidized housing products. The Ministry uses the detailed judicial database of real estate transactions published periodically by the Ministry of Justice, explaining that from this raw data, in a first stage, the focus was on the sale of residential units of the apartment category in the Riyadh region, during the period from 2010 to 2016, and in a second stage, the extreme values of some transactions were excluded, such as those involving the sale of very luxurious apartments in high towers, as well as those involving unusual real estate operations.<\/p>\n

The Ministry of Housing considers 2015 an exceptional year in terms of the number and value of deals executed in residential apartments in Riyadh, due to the decrease in the average price per apartment, as well as the average price per square meter, which reached 2,780 riyals, the lowest price in the last three years.<\/p>\n

Distributing deals to Riyadh's neighborhoods<\/strong><\/p>\n

Distributing the total number of transactions according to the geographical division of Riyadh (north, south, west, west, east, industrial area) in 2016, it is clear that the neighborhoods in the north of Riyadh accounted for about one-third (33.7% of the 621 apartment purchases, representing about 37% of the total sales value and 32% of the total area sold, while the neighborhoods in southern Riyadh attracted the smallest number of apartment seekers after the industrial area. With 299 purchases, representing only about 12% of the total sales, and about 16% of the total areas sold, the neighborhoods of East and West Riyadh shared half of the apartment purchase deals concluded in 2016, equivalent to 468 million riyals, with an area of 157 thousand square meters.<\/p>\n

Enhancing Citizen's Housing Needs<\/strong><\/p>\n

In this regard, Ali Al Jaber, Acting Undersecretary of the Ministry of Housing, Studies and Programs, confirms that the Ministry has changed its methodology and mechanism of work to enhance citizens\u201c needs for subsidized housing products, explaining that the Ministry developed the \u201dIskan\" program to provide housing support in its various forms to housing support beneficiaries. The model of providing support was based on building first, then matching available products to beneficiaries according to their priorities and choices, which does not take into account the differences between the actual needs and wishes of the beneficiary, as well as his ability to afford the cost, which leads to creating housing products that are not diversified.<\/p>\n

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more<\/a><\/p>","protected":false},"author":10,"featured_media":16228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"0","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[100],"tags":[],"class_list":["post-17133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-residential"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak post 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